Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[RGR991]

Lol at anyone who thinks Finex can "deduct" 36% from customers, hand out these obscure "tokens" and continue business as usual.  

Finex likely will not exist by the end of 2016

You have a right to your opinion, but when you are proclaiming in broad brushes, you sound more ridiculous than what you are attempting to rebutt.

Remember just last week after the exchange went down and after we heard about the news of their losses, many folks were proclaiming that they would never come back online again.. blah, blah, blah, the sky is falling.

In the last few days, Bitfinex has communicated a fairly decent plan forward...

Surely, the plan may not be anywhere near perfect, and the exchange may still be engaging in scammy behavior, but in the end, their outline of a plan seems to be a pretty fair attempt at balancing a few factors to create incentives for people to stay invested in using their exchange services and without making a run on the bank.

You are creating a strawman argument if you are asserting that anyone is really of the belief that business at Bitfinex is going to be "as usual."  

There are some innovations with the Bitfinex planned way forward, and they are going to have to continue to finesse such plans, make better efforts at securing their platform and continue to communicate the efforts that they are employ.

There is no proof that the Finex hack was not an inside job. Anyone who can trust them after they seized 36% of your balance boggles my mind.

The tokens are there to limit their legal liability in this case, US traders(which btw I would wager make a huge portion of their base) won't even be able to "Trade" these tokens, which probably will nosedive in value once the "select few" get to trade these "tokens"



I've seen better from bucketshops such as simplefx and 1broker. LOL. In fact I would trust them more at this point.

There will be better exchanges, more trusted and more secure exchanges. Not some random company based out of an office building in HongKong who uses reddit as their main means of communication.

[chesthing]

They are all inside jobs. MtGox, Mintpal, Cryptorush, Cryptsy, Bter, what am I missing? other than Bitfinex...

[JayJuanGee]

Lol at anyone who thinks Finex can "deduct" 36% from customers, hand out these obscure "tokens" and continue business as usual.  

Finex likely will not exist by the end of 2016

You have a right to your opinion, but when you are proclaiming in broad brushes, you sound more ridiculous than what you are attempting to rebutt.

Remember just last week after the exchange went down and after we heard about the news of their losses, many folks were proclaiming that they would never come back online again.. blah, blah, blah, the sky is falling.

In the last few days, Bitfinex has communicated a fairly decent plan forward...

Surely, the plan may not be anywhere near perfect, and the exchange may still be engaging in scammy behavior, but in the end, their outline of a plan seems to be a pretty fair attempt at balancing a few factors to create incentives for people to stay invested in using their exchange services and without making a run on the bank.

You are creating a strawman argument if you are asserting that anyone is really of the belief that business at Bitfinex is going to be "as usual."  

There are some innovations with the Bitfinex planned way forward, and they are going to have to continue to finesse such plans, make better efforts at securing their platform and continue to communicate the efforts that they are employ.

There is no proof that the Finex hack was not an inside job. Anyone who can trust them after they seized 36% of your balance boggles my mind.

More or less you are correct that there is no proof that Finex hack was not an inside job, and there is no proof that it was, either.

Accordingly, absent direct evidence, we have a variety of inferences based on indirect evidence, and sure the whole set up looks fishy, but so fucking what?  If we do not have direct evidence, then we got what we got, and a variety of people are going to come to a variety of conclusions in order to decide what to do and how to proceed.  At this point, we are merely speculating because nobody has any access to any of the funds and the total Bitfinex website is read only.

Nonetheless, Bitfinex has communicated a plan that is going to allow them to reopen and to continue with a business model that may or may not generate confidence.. time will tell.

It is not crazy that people will trust and it is not crazy that people may be sceptical and only begin to trust slowly and it is not crazy that some people will NOT trust at all.  It's called a variety of people, a variety of responses and Bitfinex is likely going to attempt to create a scenario that will cause an incentive for folks to continue to use their services or to begin to use their services (that's called new customers).

The tokens are there to limit their legal liability in this case, US traders(which btw I would wager make a huge portion of their base) won't even be able to "Trade" these tokens, which probably will nosedive in value once the "select few" get to trade these "tokens"

So are you saying that you don't want companies to engage in actions to limit their legal liability?

The creation of the coin may have been premeditated or not, and it doesn't really matter.  The coin as being proposed as a means to force a loan onto their existing customer base, exactly as they described it.. and sure there is likely a bit of an experimental aspect concerning whether this will work or whether they will get away with it.

I will concede with you that the US customers are likely a large base.. maybe even half or more.. but, we don't really know at this point, and we don't really know the restrictions, yet, so it is likely a bit premature to speculate specifics concerning whether US customers are going to be completely stuck with the BFX coins or if there will be some liquidation avenues for the US customers.

I've seen better from bucketshops such as simplefx and 1broker. LOL. In fact I would trust them more at this point.

Good for you, and of course, each of us are going to come to differing conclusions regarding the level of trust, if any to give.

There will be better exchanges, more trusted and more secure exchanges. Not some random company based out of an office building in HongKong who uses reddit as their main means of communication.

Yes, there are way more exchanges now than there were in 2013, and exchanges are going to continue to develop.

I would not characterize Bitfinex as some kind of rinky dink exchange, because they did have the largest traded USD/BTC volume of any exchanges, but that passed standing does not necessarily mean that they are going to return to those old glory days.... but it also does not mean that they cannot build and regenerate enough good will in order to maintain such a leading spot.

[JayJuanGee]

They are all inside jobs. MtGox, Mintpal, Cryptorush, Cryptsy, Bter, what am I missing? other than Bitfinex...

Bitstamp January 2015-ish

[gentlemand]

There will be better exchanges, more trusted and more secure exchanges. Not some random company based out of an office building in HongKong who uses reddit as their main means of communication.

There are better ones right now, but they don't have that juicy leverage. It's not as if the red flags regarding Bitfinex hadn't been there since minute one. Bitcoiners are like a stupid Labrador being battered repeatedly by their owner and coming right back with a slobbery grin on their face hoping for a different outcome. I was kind of hoping we were well past this shit by now.

[NewbieTreider]

They are all inside jobs. MtGox, Mintpal, Cryptorush, Cryptsy, Bter, what am I missing? other than Bitfinex...

And someone, or a group of them or their friends knew it, for that reason the price went down before

[adamstgBit]

There will be better exchanges, more trusted and more secure exchanges. Not some random company based out of an office building in HongKong who uses reddit as their main means of communication.

There are better ones right now, but they don't have that juicy leverage. It's not as if the red flags regarding Bitfinex hadn't been there since minute one. Bitcoiners are like a stupid Labrador being battered repeatedly by their owner and coming right back with a slobbery grin on their face hoping for a different outcome. I was kind of hoping we were well past this shit by now.

the bitfinex code base was a copy past from the very first exchange that offered leverage... what was it called "ZhouTonged" anyway, ya that exchange got hacked, but it turned out to be an insider job, well sorta it was his friend, LOL!

point is... i forget what the point was, whatever carry on.

[megadeth]

The short term rally is over. When you break through the lower 1D MA and return to nearly the starting point, the rally is over. The upwards momentum you are seeing now is due to brexit, which saw the GBP drop 15% and gold rise 6% over the past few hours.

I'm afraid I can no longer trade here anymore due to the issues at Bitfinex. I could lose my whole account if the site goes down while I'm on the wrong side of a leveraged trade (especially if its ETH). Hodling on-chain is a much better proposition and guaranteed to hold some kind of value. Since I'm already at the minimum amount of coins that I'm allowed to hold in a pact that I made with myself in 2013, I have no choice but to

HODL

see you next year (if there's somewhere to trade).

Tera called MtFinex 3 months ago.

[NSA360]

They are all inside jobs. MtGox, Mintpal, Cryptorush, Cryptsy, Bter, what am I missing? other than Bitfinex...

Bitstamp January 2015-ish

intersango, 2012

[bitebits]

investors are not going to touch these tokens without knowing some specific details about the company. ( i wouldn't...)

We all know you would Adam  , just talking your agenda here. However not for a dollar each I presume.

[savetherainforest]

so how will the price be effected when bitfinex longs start from 0 and grow back to 40million?

You forgot to include in the poll:  "Not Selling." , "They don't sell." ... or something like that...

[marcus_of_augustus]

... incoming.

[poncom]

The short term rally is over. When you break through the lower 1D MA and return to nearly the starting point, the rally is over. The upwards momentum you are seeing now is due to brexit, which saw the GBP drop 15% and gold rise 6% over the past few hours.

I'm afraid I can no longer trade here anymore due to the issues at Bitfinex. I could lose my whole account if the site goes down while I'm on the wrong side of a leveraged trade (especially if its ETH). Hodling on-chain is a much better proposition and guaranteed to hold some kind of value. Since I'm already at the minimum amount of coins that I'm allowed to hold in a pact that I made with myself in 2013, I have no choice but to

HODL

see you next year (if there's somewhere to trade).

Tera called MtFinex 3 months ago.

He didn't predict the hack, he stopped trading on it after it went offline for days as Bitcoin crashed. Half its users probably made the same decision. Knowing that your exchange could go offline for days during a price crash is a nightmare. Watching your coins go down and down in value when you can't access them is terrible, and for leveraged traders it's even worse.

[kobilica]

The short term rally is over. When you break through the lower 1D MA and return to nearly the starting point, the rally is over. The upwards momentum you are seeing now is due to brexit, which saw the GBP drop 15% and gold rise 6% over the past few hours.

I'm afraid I can no longer trade here anymore due to the issues at Bitfinex. I could lose my whole account if the site goes down while I'm on the wrong side of a leveraged trade (especially if its ETH). Hodling on-chain is a much better proposition and guaranteed to hold some kind of value. Since I'm already at the minimum amount of coins that I'm allowed to hold in a pact that I made with myself in 2013, I have no choice but to

HODL

see you next year (if there's somewhere to trade).

Tera called MtFinex 3 months ago.

He didn't predict the hack, he stopped trading on it after it went offline for days as Bitcoin crashed. Half its users probably made the same decision. Knowing that your exchange could go offline for days during a price crash is a nightmare. Watching your coins go down and down in value when you can't access them is terrible, and for leveraged traders it's even worse.

I would do the same!

[Globb0]

This can all sort its self out.

they issue the tokens at 1$ and buy them all back when it reaches 0.1 Cents then everyone's happy.

[r.o.o.t]

Hitler gets a Haircut

https://www.youtube.com/watch?v=CN4RdrN80ic

[savetherainforest]

Hitler gets a Haircut

Good one.. Hilter meme.. even if its getting old... Nice way to lay the story out...

[lemmyK]

I hope there were many US citizens affected by the bitfinex affair .
The frustration from Russia success in Syria and Erdogan turn towards Russia. resulted in political blockage in sports games.
http://www.dailymail.co.uk/news/article-3729983/PIERS-MORGAN-sanctimonious-hypocritical-wagging-finger-America-Olympic-team-s-drug-cheats-just-like-Russia-s.html
http://www.zerohedge.com/news/2016-08-09/west-edge-erdogan-meets-putin-turkeys-relations-us-are-worst-50-years

 

[tomothy]

@adam,

I know this is from bitmex, but there weekly analysis is usually pretty good. This time they evaluate the finex hack.
Everyone keeps telling me to be bullish, but I'm not feeling it. I'm surprised we recovered so quickly and thought we would have dumped back to low 500's.

Regardless, enclosed is article link;

https://blog.bitmex.com/youve-been-buttfinessed/

Thoughts?

[TheHangingLog]

@Adam, can we rename this thread BTC/__C or BTC/__H wall observer? Because that's where all the volume's at, on Polo. http://coinmarketcap.com/currencies/bitcoin/#markets

Thoughts?

People banking on BFX having to buy BTC?